We are living longer and longer after we have finished working. Remaining life expectancy at 65 years of age has increased by 5 years over the last 50 years. We can now expect to spend over 20 years in retirement, while for some of us it will extend to over 40 years. The years we spend as retirees constitute a larger and larger part of our lifetime. In order to maintain financial security after retiring, we now need to put aside a larger part of our lifetime earnings as pension savings, either through the public or occupational pension system, or through private savings.